ADVFN - Advanced Financial Network.
HOME» NYSE » N » NRG Stock Price » NRG Stock News

Nrg Energy Share News

 Nrg Energy (new) Stock Price
NRG Stock Price
 Nrg Energy (new) Stock Chart
NRG Stock Chart
 Nrg Energy (new) Stock News
NRG Stock News
 Nrg Energy (new) Company Information
NRG Company Information
 Nrg Energy (new) Stock Trades
NRG Stock Trades

ICE Official: CME Tax Deal May Raise Costs For ICE

(This article was originally published Friday.) --ICE official pushes for exchanges to opt-out of new taxing method --ICE earns "significant allocation" of income from Illinois, ICE official said --Measure scheduled for vote after Thanksgiving By Howard Packowitz Of DOW JONES NEWSWIRES CHICAGO -(Dow Jones)- An executive of IntercontinentalExchange Inc. (ICE) told Illinois lawmakers Friday that it might wind up paying more in state taxes under a bill aimed at reducing the tax burden for rival CME Group Inc. (CME). Martin Hunter, vice president of tax and treasurer at ICE, testified before the Illinois House of Representatives's Revenue and Finance Committee, which is considering a plan that would drastically reduce taxes for derivatives exchanges on trades performed on their electronic platforms. Without tax relief, CME and options exchange CBOE Holdings Inc. (CBOE) has warned it might move the bulk of its operations from Illinois, which has been CME's home for 163 years. State lawmakers are considering a measure that would tax exchanges on 27.54% of electronic transactions, which account for the vast majority of all business done at CME and CBOE. Currently, taxes are paid on all electronic trades. The 27.54% figure came from U.S. census data to approximate how much of the Chicago exchanges transactions are performed in Illinois, state officials said. At Friday's hearing, Hunter said Atlanta-based ICE earns a "significant allocation of our income" from Illinois, although he said he was "not comfortable" providing further information in a public forum. ICE employs almost 100 people in Illinois, according to Hunter. The ICE executive says the exchange industry is "very diverse," and it would be difficult to come up with "one-size-fits-all" rules. Hunter requested that exchanges have the option of being taxed by the current "market-based" method, which state lawmakers say is included in the Senate's version of the bill. CME has no objection to the measure containing an opt-out clause, said the ICE official and committee members. ICE and New York-headquartered NYSE Euronext (NYX), and Nasdaq OMX Group Inc. (NDAQ) joined forces to hire a lobbyist representing their interests as the bill works its way through the state legislature. Lawmakers in January voted to raise the state's corporate income tax to 7%, from 4.8%, to plug mammoth budget holes. The increase cost CME an extra $50 million per year, according to CME Chairman Terry Duffy. Duffy told the committee earlier this month that it's "not acceptable" for CME to pay 6% of the state's entire corporate income tax. The legislation would cut CME and CBOE's taxes by about half, state officials said. The bill has ballooned to encompass much broader tax policies in an effort to garner bipartisan report. It includes incentives to keep Sears Holdings Corp. (SHLD) in Illinois. Other provisions grant a multi-year extension of research and development tax credits for all Illinois businesses. And the state's Democratic Governor Pat Quinn has pushed for earned income tax credits and personal exemptions to help Illinois workers. Cost estimates for the total package top $800 million by fiscal year 2014. Republican state Rep. Ed Sullivan, Jr. said he is skeptical whether workers' tax relief creates or retain jobs. However, other parts of the package are expected to reduce the state's jobless rate by about a full percentage point, adding approximately $600 million in revenue each year, said Sullivan, who serves on the Revenue and Finance Committee. "It comes down to what the Governor is willing to concede on, and what we're willing to pass," added Sullivan. Legislative leaders will work "diligently" through the Thanksgiving holiday to draft a final proposal, said committee chairman Rep. John Bradley. "We obviously don't know what's going to be in that proposal," said Bradley. The committee scheduled a vote for Nov. 28. If approved it would move to the full House and Senate the following day. -By Howard Packowitz, Dow Jones Newswires; 312-750-4132; howard.packowitz@dowjones.com --Jacob Bunge contributed to this article.

Stock News for Nrg Energy (NRG)
DateTimeHeadline
05/21/201516:49:00California Public Utilities Commission Approves NRG Energyâs C...
05/20/201512:15:10What Is the S&P 500 Index?
05/09/201507:03:02Can China Prevent Its 200 Gigawatt Wind Farms From Going to Waste?
05/08/201506:57:00NRG Energy, Inc. Reports Record First Quarter Results, Refills...
05/05/201521:30:23Green Spinoffs Open Sector To Investors -- Energy Report
04/27/201507:30:00NRG Energy, Inc. to Report First Quarter 2015 Financial Results...
04/22/201510:49:46NRG Energy Price Target Cut to $29.00 (NRG)
04/20/201510:30:00Simon and NRG eVgo Lead Caravan of Electric Vehicles through...
04/20/201507:30:00NRG Energy, Inc. Announces Quarterly Dividend
04/16/201518:16:00NRG Homeâs New Solar/Water Bundle Helps Residents More Efficiently U...
04/13/201510:04:12Green Finance: A Systematic Approach To Renewable Energy Retrofits
04/13/201507:30:00NRG and NRG Yield Establish New Residential Solar Partnership
04/12/201513:59:00Wind Investment Opportunities In The U.S.
04/12/201513:53:19Load Defection And Its Implications On The Electric Power Industry
04/11/201509:37:02Will SolarCity Lose Market Share in 2015?
04/06/201513:00:02It's Official: Solar Is Taking Over in California
04/05/201513:43:22Rooftop Solar And The $55 Billion Wake-Up Call
03/18/201511:02:02Can SolarCity and Tesla Motors Make Microgrids Commonplace?
03/17/201509:22:47SolarCity Enters Into New Mexico As PNM Starts Phasing Out Old...
03/17/201508:00:02The Top 3 Polluting States in America

Nrg Energy and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad